News
Alleged $1bn Fraud: EFCC Files Charge against CBEX Promoters
The Economic and Financial Crimes Commission (EFCC) has filed a three-count charge against two of the detained promoters of Crpto Bridge Exchange (CBEX) over allegations bordering on investment fraud to the tune of over one billion dollars. The two in the charge marked: FHC/ABJ/CR/216/2025 and filed by EFCC lawyer Fadila Yusuf, are Avwerosuo Otorudo and Chukwuebuka Ehirim listed as 1st and 2nd defendants.
The commission, in the charge filed June 10 at the Federal High Court in Abuja, alleged that the two promoters were not duly incorporated under the Companies and Allied Matters Act (CAMA) nor licenced as a fund or portfolio manager by the Security and Exchange Commission (SEC).
In the charge, the anti-graft agency accused the defendants of performing a transaction, between January 2024 and May 2025, for the purpose of administering a scheme with CBEX, an unregistered company. It said the offence is contrary to Section 158(1) of the Investment and Security Act, 2007 and punishable under Section 158 (2) of the same Act.
Count two alleged that the duo, between January 2024 and May 2025, while not being a bank or person authorised to take deposits, invited the public through advertisement to deposit funds with CBEX contrary to Section 44(1) of the Banks and other Financial Institution Act, 2020 and punishable under Section 44 (2) of the same Act. In count three, the EFCC alleged that Otorudo and Ehirim, between the same period, carried on specialised business of other financial institutions, to wit: investment management schemes on CBEX, without a valid licence.
The commission said the offence is contrary to Section 57(1) and (2) of the Banks and other Financial institution Act, 2020 and Punishable under Section 57 (5) of the same Act. The case is yet to be assigned to a judge. Justice Emeka Nwite had, on April 24, given the EFCC the go-ahead to arrest and detain six operators of CBEX over their involvement in the alleged fraud The judge, who gave the order after the EFCC’s lawyer, Yusuf, moved an ex-parte motion to the effect, said the detention would be pending the conclusion of investigation of the alleged offences and possible prosecution. The six suspects include Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede, Avwerosuo Otorudo and Chukwuebuka Ehirim as 1st to 6th defendants respectively.
In the motion ex-parte dated and filed April 23 by Yusuf, the anti-graft agency gave four grounds for its application. She said the EFCC has a statutory duty of prevention and detection of financial crimes through investigation. Yusuf said that “the defendants are at large and a warrant of arrest is required to arrest the suspects for proper investigation and prosecution of this case.” Olanipekun, Otorudo and Ehirim were said to have voluntarily surrendered themselves for investigation at the EFCC’s office after the court ruling. Tajudeen Reaffirms Reps’ Commitment to Citizen-Centered Legislation. Speaker of House of Representatives, Rep. Abbas Tajudeen, has emphasised the central role of citizens’ participation in shaping effective legislation and sustaining Nigeria’s democratic progress. He said this at a citizens’ roundtable with the House of Representatives, co-organised by an NGO, Global Foundation, in Abuja on Wednesday. Represented by the Deputy Speaker, Rep. Benjamin Kalu, Tajudeen underscored the 10th House’s commitment to fostering inclusive governance through active public dialogue.
“As speaker of the house of representatives, I am more convinced than ever that the strength of our legislative work depends on the depth of our engagement with citizens. That is why we placed citizen participation at the heart of the legislative agenda of the 10th House. That is why we have committed ourselves to regular platforms like this one to listen, to learn and to act. We believe that laws must reflect the values and realities of the people they are meant to serve. We believe that governance must be transparent, inclusive and accountable. And above all, we believe that the people must remain at the centre of our democratic process,” he said.
The speaker urged all stakeholders to exhibit the spirit of dialogue beyond the walls of the chamber. Let every citizen remain engaged, active and determined to shape the future of Nigeria’s democracy with courage and purpose,” he said. Earlier, the Minority Leader of the house, Rep. Kingsley Chinda (PDP-Rivers), said that the roundtable was designed to bring the leaders and the followers together for continuous engagements. Chinda said that the edition, which coincided with mid-term of the house and Nigeria’s 26th anniversary of unbroken democracy, gave room for reflections and affirmed the dedication of the house to people’s priority.
“We are eager to hear your perspectives and engage you in a productive dialogue,” he said. Chinda noted that at its inauguration in 2023, the house recognised that its legitimacy and effectiveness was linked to the trust placed in it by the citizenry. We, therefore, considered it a solemn duty to create avenues for open dialogue, constructive criticism and collaborative problem solving. Since then, we have included citizens’ engagement as a key point of our eight-point legislative agenda. We have series of engagement on different legislations and issues of national interests, including appropriation, state policing, state of the economy, political inclusion, among others,” he said. The lawmaker said that the voice and views of citizens were very important in shaping legislations and policies affecting their lives. In his remarks, the Minister of Livestock Development, Alhaji Idi Maiha, described the forum as democracy in action, saying that democracy was only not about working for the people but working with the people.
Maiha commended the leadership of the house for the foresight and the political will to deepen the dialogue between the government and the governed. He said that the National Livestock Growth Acceleration Strategy (NLGAS) had been approved by the National Economic Council and was already guiding the activities of the ministry. The minister explained that the strategy was designed to transform the livestock sector from subsistence-based practices to a modern commercial, vibrant and climate resistant system. He called for investments in rural roads, infrastructure, extension services, animal health systems, feeds and fodder development and access to credits, among others, through legislative interventions to meet desired goals. In his remarks, the immediate past Governor of Katsina State, Alhaji Aminu Massari, commended the house for the initiative. Massari, who was the speaker of the Fifth Assembly, urged the leadership of the house to expand the forum to accommodate more Nigerians and move from rural areas across the country.
Cardano (ADAUSD) climbed amidst tight trading activities in the crypto market, up by 1.05% in the past 24 hours, showing resilience near key support.
The price ticked up on Sunday amidst negative movements in the global crypto market. The gain has reduced its negative movement in the week to 1%. Cardano is showing strength with a $70 million ADA treasury push and a bullish December setup, but it faces key resistance amidst competing traders.
The token is trading at $0.4165 at the time of filing the report on Sunday, gaining more than 1% on the day as volume traded reached $359.252 million. The token is in a notable correction from its November highs. Recent trading activity reflects pronounced investor caution. Over a 30-day period, ADA has declined approximately 15%, mirroring the broader pressure on risk assets from macroeconomic uncertainties.
Sentiment trades mixed, as retail and mid-sized investors are accumulating at lows, but large holders remain sceptical. Cardano’s privacy-centric Midnight Network went live after years of development, introducing NIGHT – the first native asset on Cardano.
According to crypto analysts, Short-term speculation around NIGHT airdrops and interoperability boosted ADA demand. ADA rebounded from $0.371–$0.416 after testing an ascending trend line connecting 2023–2025 lows. Traders interpreted the bounce as a bullish divergence, but ADA remains below critical resistance of $0.5113 and its 200-day EMA of $0.68.
ADA’s minor rally reflects optimism around Midnight’s launch and oversold technicals, but scepticism about its ecosystem impact and whale selling caps upside. While the price surges, analysts stated that Cardano balances technical hope against macroeconomic headwinds, with Midnight’s adoption trajectory and $0.51 resistance serving as critical watch points.
While governance upgrades signal maturing decentralisation, crypto analysts are still querying whether ADA can leverage these developments to reverse its 2025 underperformance.
The National Drug Law Enforcement Agency has recovered over 7.6 million pills of tramadol and a total of 76,273.4 kilograms of different strains of cannabis.
The agency’s spokesman, Femi Babafemi, said this in a statement on Sunday in Abuja. Mr Babafemi said that the drugs, including Colorado, Loud and Skunks, had several members of drug trafficking organisations linked to the seizures arrested.
He said that out of the total opioids seized during the raids, not less than 3,874,000 pills of tramadol, 225mg and 100mg, and others, as well as 252.2litres of codeine syrup were recovered. He said that they were recovered from a warehouse at Oko market, Asaba, Delta, on Saturday. He also said that no fewer than 1.2 million tablets of tramadol 225mg were seized from a suspect on December 3.
This, he said, was when NDLEA operatives on patrol at Orogwe, along the Onitsha-Owerri road, Imo, intercepted his vehicle conveying the consignment, which was loaded at Aba, Abia, and heading to Onitsha, Anambra. Meanwhile, in Adamawa, NDLEA officers on December 1 intercepted a Toyota Hiace bus marked MGU 554 XB along Maraba-Mubi, coming from Jos, Plateau state, and heading to Mubi, with a total of 1,577,112 capsules of tramadol.
“Other drugs intercepted were Exol-5 tablets, all concealed inside jumbo bags mixed with new rubber sandals and slippers. Two suspects were arrested in connection with the seizure. Similarly, another 27-year-old suspect was nabbed along Zaria-Kano road, Kano state, with 197,000 pills of exol-5,” he said.
The NDLEA chairman, Buba Marwa, commended the officers and men of the SOU commands in Delta, Adamawa, Imo, Ondo, Lagos, and Kano for the arrests and seizures. Mr Marwa said that their operational successes, along with those of their compatriots across the country, especially their balanced approach to drug supply reduction and drug demand reduction, were well appreciated. NAN
The Presidential Enabling Business Environment Council (PEBEC) has released the 2025 Subnational Ease of Doing Business (EoDB) Report, with Lagos emerging as the best-performing state, scoring 85.6 per cent.
The report released by the director-general of PEBEC, Zahrah Mustapha-Audu, has Kaduna in second position with 65.1 per cent. Oyo, FCT, and Ogun rounded up the top five with scores of 62.7 per cent, 61.0 per cent, and 59.9 per cent, respectively. Others include Enugu (56.2 per cent) in sixth position, with Plateau (56.2 per cent), Ekiti (55.8 per cent), Kano (54.8 per cent), and Nasarawa (53.4 per cent) rounding out the top 10 states.
The EoDB report is a comprehensive data-driven assessment of how Nigeria’s 36 states and the FCT are shaping business competitiveness through regulation, infrastructure, and administrative efficiency.
The report assesses performance across 16 indicators and 36 sub-metrics covering electricity, infrastructure, digital connectivity, land administration, taxation, trade logistics, justice delivery, investor support and skilled labour readiness.
According to the DG, these states distinguished themselves through consistent reform momentum, improved digital processes, and more predictable regulatory environments. “The 2025 Report also highlights five priority interventions states can implement immediately. These include establishing investor aftercare systems, strengthening MSME credit enablement, harmonising interstate trade rules, upgrading commercial justice processes, and improving power reliability for industrial clusters,” she said.
According to her, PEBEC will continue to support state-led reform adoption, particularly under the $750 million State Action on Business Enabling Reforms (SABER) programme. She added that “the 2025 Subnational EoDB Report provides a critical foundation for policy action, investment decisions, and long-term competitiveness across Nigeria.”
The DG said the Subnational Ease of Doing Business Report is available for download at www.pebec.gov.ng/reports
PEBEC had earlier released its 2025 Business Facilitation Act (BFA) Performance Report, covering MDAs’ performance from January to October. This performance report is part of the council’s effort to track and measure the compliance of federal government MDAs with the BFA’s requirements on promoting Transparency and Efficiency of government-delivered services to the business community.
The report presents a data-driven assessment of 69 priority MDAs, drawing on monthly compliance submissions, independent mystery shopping, website audits, ReportGov analytics, and targeted process-verification exercises.
According to the report, the top five performing MDAs include the Nigerian Content Development and Monitoring Board (NCDMB), with an impressive 90.6 per cent score, followed by the National Drug Law Enforcement Agency (NDLEA) at 89 per cent. The Nigeria Customs Service (NCS), ranks third with 86.6percent, the Nigerian Communications Commission (NCC) and Nigerian Ports Authority (NPA) secured the fourth and fifth positions, scoring 85.3 per cent and 84.2 per cent, respectively.
PEBEC, currently chaired by Vice President Kashim Shettima, was established in July 2016 by the federal government to oversee Nigeria’s business environment intervention. It has a dual mandate of removing bureaucratic and legislative constraints to doing business and improving the perception of the ease of doing business in Nigeria. NAN
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